Making ends meet the Ellison way

Now I know Miss Manners tells us that it's simply vulgar to talk about money, but when it's Larry Ellison's money I just can't help myself – especially given the shocking news from Redwood Shores that the Oracle grand fromage has lost his top slot as the most highly compensated CEO in the US.

Larry made ends meet last year on a total compensation of $556 million (£340 million), up from $192 million in 2007, according to salary data published by analysts at the Corporate Library. But he was knocked off the top spot by Stephen A. Schwarzman, chief executive of asset management firm Blackstone Group, who received $702.4 million!

Still we do live in austere times when even those highest up the totem pole must look to cut back and set an example. Larry's doing just that by cutting his basic pay from $1 million to just $1 dollar for the coming financial year. It's something his best chum Steve Jobs over at Apple already does, so he's in good company.

But don't worry, Larry won't be going short. His overall pay packet will still be in the region of around $84.5 million and he does own a stake in Oracle that's worth around $26 billion. So he'll still be able to splash out on some decent wine and nibbles next time Tony Blair pops in for a spin on his yacht.